Merced VA Loans

MERCED, CA

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Merced's 99 lenders originated 712 VA loans during 2021. The total origination value was $227,850,000, with an average VA loan value of $320,014.

Merced VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Merced averaged 5.56% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.47% and one month ago for the week of 2022-04-15, the average rate was 5.33%.

The average rate one year ago was 3.42%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.12%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Merced VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Merced level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FREEDOM MORTGAGE CORPORATION 69 2.47% $3,595
QUICKEN LOANS, LLC 48 2.46% $5,420
Mortgage Research Center, LLC 45 2.89% $8,155
PENNYMAC LOAN SERVICES, LLC 33 2.39% $4,705
UNITED WHOLESALE MORTGAGE, LLC 32 2.44% $6,022
DHI MORTGAGE COMPANY, LTD. 25 2.74% $10,091
AMERICAN FINANCIAL NETWORK, INC. 23 2.64% $13,021
VILLAGE CAPITAL & INVESTMENT LLC 21 2.18% $3,345
NEW DAY FINANCIAL, LLC 20 2.84% $10,972
LOANDEPOT.COM, LLC 17 2.51% $4,917
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 13 3.03% $8,243
CROSSCOUNTRY MORTGAGE, LLC 13 2.73% $6,948
CLEARPATH LENDING 13 2.33% $4,442
AMERICAN PACIFIC MORTGAGE CORPORATION 12 2.98% $4,985
Mr. Cooper ( Nationstar Mortgage ) 9 2.67% $7,376
ENVOY MORTGAGE, LTD 9 2.93% $7,745
CALIBER HOME LOANS, INC. 9 2.42% $5,514
USAA Federal Savings Bank 9 2.83% $4,007
The Federal Savings Bank 8 2.58% $7,716
Wells Fargo Bank 8 2.56% $4,786
SUMMIT FUNDING, INC. 8 2.84% $12,090
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 3.05% $4,350
INSPIRE HOME LOANS INC. 7 2.98% $7,989
HOME POINT FINANCIAL CORPORATION 7 2.30% $6,386
LOANPAL, LLC 6 2.44% $8,058
LAKEVIEW LOAN SERVICING, LLC 6 2.35% $3,560
SUN WEST MORTGAGE COMPANY, INC. 6 2.69% $5,361
FINANCE OF AMERICA MORTGAGE LLC 5 2.58% $6,328
GUILD MORTGAGE COMPANY 5 2.78% $5,823
NAVY FEDERAL CREDIT UNION 5 2.33% $6,591
U.S. Bank 5 2.65% $7,031
Lakeview Community Capital, LLC 5 2.43% $1,642
AMERISAVE MORTGAGE CORPORATION 4 2.47% $7,325
Nations Lending Corporation 4 2.41% $942
InterContinental Capital Group, Inc 4 2.25% $2,819
SCENIC OAKS FUNDING, INC. 3 2.79% $7,772
CELEBRITY HOME LOANS, LLC 3 2.92% $6,832
RESIDENTIAL BANCORP. 3 3.17% $14,881
ALAMEDA MORTGAGE CORPORATION 3 2.90% $10,495
BROKER SOLUTIONS, INC. 3 2.45% $6,464
Prime Choice Funding Inc. 3 2.42% $2,886
PLANET HOME LENDING, LLC 3 3.00% $3,700
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.00% $5,427
NEWREZ LLC 3 2.25% $2,633
MOVEMENT MORTGAGE, LLC 3 3.13% $12,501
Magnolia Bank 3 2.38% $12,056
Carrington Mortgage Services, LLC 3 3.75% $8,513
First Federal Bank 3 3.17% $19,799
First Federal Bank of Kansas City 2 2.69% $2,643
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.00% $958
BNC National Bank 2 2.25% $7,413
ACADEMY MORTGAGE CORPORATION 2 2.63% $22,306
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.50% $2,724
Barrington Bank & Trust Company, N.A. 2 3.06% $3,879
GUARANTEED RATE, INC. 2 2.38% $2,549
North American Savings Bank, F.S.B. 2 2.25% $4,053
Low VA Rates, LLC 2 2.25% $5,697
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 2.81% $9,592
Commerce Home Mortgage, Inc. 2 2.50% $5,941
WESTERN EXPRESS LENDING 1 3.00% $11,925
AHL FUNDING 1 3.13% $8,280
AMERICAN FINANCING CORPORATION 1 2.38% $2,477
Amerifirst Financial, Inc. 1 2.25% $1,776
Ameris Bank 1 2.63% $3,669
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $1,201
Austin Capital Bank SSB 1 3.75% $12,470
AXIA FINANCIAL, LLC 1 2.75% $10,802
CHURCHILL MORTGAGE CORPORATION 1 2.25% $2,759
CMG MORTGAGE, INC. 1 2.75% $3,317
Community First National Bank 1 2.25% $2,363
CONTOUR MORTGAGE CORPORATION 1 2.63% $8,923
COUNTRY CLUB MORTGAGE, INC. 1 2.88% $3,717
FBC MORTGAGE, LLC 1 2.75% $15,177
FirstBank 1 2.25% $611
First Guaranty Mortgage Corporation 1 2.75% $3,780
First Savings Bank 1 2.25% $3,618
Flagstar Bank, FSB 1 2.38% $1,790
Goldwater Bank, N.A. 1 2.25% $1,388
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.50% $2,418
Home Mortgage Alliance Corp 1 1.99% $1,533
LADERA LENDING, INC. 1 2.63% $2,994
LAND HOME FINANCIAL SERVICES, INC. 1 2.25% $7,670
LENDUS, LLC 1 2.25% $9,894
MERCO Credit Union 1 2.25% $7,574
MORTGAGEONE, INC. 1 3.13% $4,123
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $8,767
NBKC BANK 1 2.25% $977
OCMBC, INC. 1 3.25% $4,444
Paramount Residential Mortgage Group, Inc. 1 2.50% $2,179
PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,585
PLAZA HOME MORTGAGE, INC. 1 2.25% $1,257
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $3,298
Prosperity Home Mortgage, LLC 1 2.25% $1,951
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.25% $8,480
S1L, Inc. 1 2.88% $5,803
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $4,129
S&S Financial 1 2.25% $1,065
TRAVIS CREDIT UNION 1 3.38% $3,123
UNITED SECURITY FINANCIAL CORP 1 2.25% $820

The top Merced VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 69 VA loans originated. Their average total fees are $3,595, which is $1,826 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Merced VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($3,345), FREEDOM MORTGAGE CORPORATION ($3,595), CLEARPATH LENDING ($4,442), PENNYMAC LOAN SERVICES, LLC ($4,705) and LOANDEPOT.COM, LLC ($4,917).

The lowest rate Merced VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.18%), CLEARPATH LENDING (2.33%), PENNYMAC LOAN SERVICES, LLC (2.39%), UNITED WHOLESALE MORTGAGE, LLC (2.44%) and QUICKEN LOANS, LLC (2.46%).

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.